Old man Wang nodded:“This thing was originally made by Lihong,Since he told you to play before he left,That’s yours,What’s the problem?”

Ok!The boss here says so,Hu Yang is also welcome。
“master,Help me cut a few,How much does it cost?”Hu Yang asked。
The master of Jie Shi said at will:“Then just give one。”
No one expects,Such a piece of material can also solve jade,That is to play with the young man Populus,Let him do everything。
Of course,This is also to give Xin Zhao face。This young man,After all, Xin Zhao brought it。
Populus drew a one hundred yuan,Hand it over:“In trouble,Help me cut it from here and see。”
The master Jie Shi stuffed the money into his pocket,Start work right away。
in fact,Stone cutting is also a science,Not simply cut it off,Is particular,Like Populus,Just guide,It makes people feel like a rookie。
What we want to cut is not an ordinary stone,But a precious rough stone wrapped in jade,The cutting method has a crucial influence on its value。
so,Before cutting,First, we must carefully analyze the jade rough stone,Minimize damage to the internal jade during the cutting process,So as to maximize the value of jadeite rough。
Professional master,According to the specific condition of the original stone,First understand the structure of rough,Roughly guess the possible distribution and trend of jadeite inside,Draw some lines,Then cut along the line、Microdermabrasion, etc.。
First cut,is the most important。
After the first cut,It is necessary to have a general understanding of the overall situation of the jadeite rough,Flaws in all aspects、The crack has an analytical profile,To determine the subsequent cutting direction。
After the slicing is complete,The rough stone needs to be reviewed again,It is necessary to understand the green distribution of rough stones,And find the worst part of it,Start from this part,Avoid damaging the high-quality parts of the rough stone。
in fact,No cut,Reanalyze the rough stone。
and so,Cutting stone is also an art,Is technical。Their business,Ordinary salary is not low,Well done,Not even worse than those who are general managers in large companies。
Xin Zhao and others looked at Populus“mess”,Didn’t stop。
Young man!Make him make a mistake,Let him try the taste of failure,Definitely a good thing。

“Call you!Too much nonsense!”Talk about it,The old warrior makes progress,Yaoyao punched out。

This punch,As if the air between the two was sucked into the fists of Old Zhan,Created the illusion that the entire space collapsed inward。
Taoist Li Shixing is worthy of being the heir of Wudang Zhenwu,The reaction is also surprisingly fast,Palms out,Gang Jin burst,Fog on both palms,Facing each other’s fists。
boom!Fists collide,Made a loud noise。
Chapter Seven Hundred and Fifty First in the world
Old Zhan’s fists bulged,There is a faint brilliance flowing in the flesh and blood,An extremely terrifying explosive power appeared in an instant。
Wudang Cotton Palm of Taoist Li Shixing,Specialize in softness,Gang Jin stratified burst,Turn body sweat into mist,Eruption from the pores,Played the effect of unloading。
It’s a pity that Zhan Lao is too powerful,Taoist Li Shixing’s cotton palm is exquisite,But can’t get rid of such a powerful force for a time。
After one punch,The posture of the old man remains unchanged,Sit on your hips,As Arhat,Fist bursts like fried beans。
But Li Shixing Taoist obviously suffered a dark loss,The shoes under my feet squeaked overwhelmedly,A sharp friction with the ground,The upper is twisted,Showing three toes。
And at the moment,Taoist Li Shixing’s feet seem to have an extra Wang Qingquan,The ground becomes wet,And then the right heel suddenly disappeared,Actually fell into the ground。
It can be seen that Old Zhan’s punch is unmatched,The strength is so strong that you can’t resist even the strength and the palms。
Talking late,Then soon!The old war survivors,Foot on the center line,Body like a tiger and leopard,Jumped up,Strong wind blowing,The power of fist claws envelops Li Shixing Taoist person in it。

Yun Minzhi’s eyes changed when looking at her son,Originally she just wanted to hear her son’s true thoughts,Don’t like other girls,As long as it is justified,She can accept。

but,He opened his mouth and didn’t even look at each other,So what have they become of their elders??
Co-authored this is pushing my son into the fire pit?
Although Lu Yao’s background is not satisfactory,but,The character and appearance are still decent,Why is it useless in my son’s mouth??
It’s not that she touts her son,But the fact is,Whether it’s looks or ability,Huo Yunhe is the best among his peers,Character even more。
Don’t know when,Became unsmiling,She once thought that men are so good,It’s more reassuring than those glib tongues,But this age is getting older,The sight is approaching the 30th mark,Still refuse to have a girlfriend,She was worried。
Not only there are no women,Even secretary assistants are of the same gender,Those rumors are really bad。
Family like them,Pick a daughter-in-law first,After all, the mall is like a battlefield,The rapid changes make people hard to guard against,In case there is a mistake,In-laws can also help,This is why the families are married。
I finally got my son to agree to a blind date,She is so happy,Act immediately,Mobilize your friends,Bring all the photos of girls who meet her criteria,See with mother-in-law。
A huge stack of photos,The mother-in-law met Lu Yao at a glance。
The two daughters of the Lu family,This is raised outside,They haven’t seen,It stands to reason that I should have a blind date at home,but,The son only regards Lu Xin as his sister,There is no feeling between men and women,No matter how good the conditions are。
to be frank,She didn’t match Lu Yao,So many girls,My son is so good,How can you marry an illegitimate daughter??
She doesn’t look at people with colored eyes,but,Would not like to plug A woman who can satisfy other people’s families,Lu Yao is the kind of child born to a woman,Daughters are more like mothers,In case Lu Yaoye.
If this person has nothing to do with her,At best, listen to gossip,Will not comment,If you are in-laws,Need to consider。

San Sheng III Pillow Book Wang Xiao talks about Siming like Feng Jiu: restraint is a good thing

“San Sheng III Pillow Book” Wang Xiao talks about Siming like Feng Jiu: restraint is a good thing
In addition to starring Dili Reba and Gao Weiguang, “Sanshin III Pillow Book”, which was broadcast during the Spring Festival, Wang Xiao, who returned to starring in the “Pillow Book”, appeared in the play, and the barrage was brushed up.It ‘s him again, ”and“ Si Ming is back ”.On February 19th, Wang Xiao accepted an online interview with the media, and played the fate of his life three years later. Wang Xiao said that he wanted to make up for the shortcomings of this character.”To be honest, the acting” San Sheng San Shi Shi Li Tao Hua “was pulled in by the staff. At the beginning, I really felt that I couldn’t do the job of acting Xian Lian, but this time I continued to play Si Ming, partly to make up for the last time.The shortcomings of character handling.I also worry about the repetition of the characters, so I need to find a balance between continuation and adjustment. The life is still that life, but it will increase the concentration of the character a little more. “In The Pillow Book Wang Xiao plays Si Ming.The picture comes from the Internet. Since the opening of “Pillow Book”, Wang Xiao played the role of “The Complete Book of the Eight Diagrams of the Nine Chongtian Walking”, and “The First Screenplay of the First Dog’s Blood of the Eight Wastelands” contracted most of the laughing points in the script and enriched the expressiveness. “”Bagua Face” was also inserted into the emoji package by netizens, and he correctly thought about the character of Si Ming’s Bagua, but Wang Xiao named him: “Si Ming’s job is to write everyone’s fate, how to complete it without communication and reserveWhat about this job?So here we are gossip, where he is the accumulation of work.”In the” Pillow Book “, Si Ming, who loves to write dog blood words, still has no clear emotional line, but because of Si Ming ‘s meticulous care and spoils for Feng Jiu, many viewers are two personal groupsThe “Nine Life” unpopular CP came up. Some original fans said that the feeling was indeed buried in the novel. Some netizens turned over the interview of “Three Life, Three Life, Ten Miles, and Peach Blossoms” three years ago.Even more because “His Royal Highness” is Shi Ming’s exclusive title to Feng Jiu, and loyal fans have carefully counted that in the first 30 episodes, Shi Ming actually called 78 “His Royal Highness”, which was warm and warm to Feng Jiu.The pet’s performance made the audience give him the title of “daddy boyfriend”.Mentioning Si Ming’s feelings for Feng Jiu, Wang Xiao has his own understanding.”He is still restrained, restraint is a good thing.司命的克制应该源于那句‘勿动俗念’的台词,这个好比是你喜欢这块蛋糕,但你自知承受不起,可你看见那块蛋糕的时候,那种喜爱的眼神是Can’t lie to anyone.Wang Xiao laughed and said that he did not expect the audience to form such an upset CP. For the first time, he saw the word “daddy boyfriend” on the Internet. It felt quite funny, but the message that impressed him most, butMany netizens left a message on his Weibo private message: “I will kill the emperor for you!”.Sauna, night net editor Liu Wei Tong Na proofreading Lu Qian

Mona Lisa (002918) Research Report: Tengxian Base will be put into production one after another, with high growth and guaranteed performance

Mona Lisa (002918) Research Report: Tengxian Base will be put into production one after another, with high growth and guaranteed performance
Event: Recently, we conducted a research on the company’s current operating situation and industry development situation in the company’s Foshan base, and inspected various types of tile products of the company.  Key points for the survey: 1. Industry indicators: the industry is picking up, the industry layout of small companies remains unchanged, and the trend of leading brand concentration is gradually increasing1. The industry has begun to pick up. In 2019, the output of major ceramic tile products in H1 has rebounded to a certain extent and industry profits have increasedThe growth of cracks.According to information from the Institute of Foresight Research, after the industry experienced its peak since 2012 to 2017, it will gradually increase in 2018, mainly due to severe environmental policy restrictions, deleveraging in the real estate industry, and trade wars.In the first half of 2019, benefiting from the improvement in the delivery of hardcover houses and the advent of the peak period of completion, the industry has seen a recovery, and the production of ceramic tiles, porcelain tiles, and sanitary ceramic products increased.8%, 8.6%, 10.3%; At the same time as the output increased, the profits of building ceramics and sanitary ceramics increased by 26.3%, 34.5%.  2. In the pattern of “big industry and small company”, leading companies in the brand are not afraid of the industry’s downturn, and both revenue and market share are up.In 2018, the operating income of building ceramic enterprises above designated size was 299.3 billion yuan, a decline of more than 1,600 per thousand compared with 2017, while the top 20 industry sales were only 44 billion yuan, accounting for only 14.7%, the pattern of small companies in large industries is very obvious.  Despite the overall growth rate of the industry, the operating income and market share of branded companies have both increased.Such as A shares listed Diou Home (Oshennuo) and the company, revenue from 13 in 2015.4.4 billion, 15.82 trillion rose to 36 in 2018.82 trillion and 32 trillion, an increase of 173.96%, 102.28%; market share from 0 in 2015 respectively.36%, 0.36% increased to 1 in 2018.23%, 1.07%.  3. Consumption upgrading and channel sinking will become the key to the breakthrough of industry companies in the future.Overall, the frequency of consumption upgrades to promote the ceramic tile industry is getting faster and faster. Generally, it will be updated once every 1-2 years. As a result, dealer stores must renovate every two years. Brand companies have the financial resources to do so.In addition, while small and medium-sized enterprises can only go out, and comprehensive environmental protection and emission reduction policies have been adopted, the ceramic tile industry has closed at a rate of 300 companies per year in the past two years.In addition, due to the high saturation of the first- and second-tier cities, ceramic tile companies need to sink their sales channels to third- and fourth-tier cities and even towns. They also need a lot of expenses, and only the leading brands can afford it.  4. The proportion of real estate developers and hardcover housing delivery increased, that is, the engineering model (2B), which further aggravated the industry’s concentration on leading brands.The conditions for developers to choose ceramic tile suppliers: environmental protection, supply capacity, and production capacity quality, which are basically in the top 8 brands in the brand’s real estate buyers’ procurement catalog.From the current ranking of the ceramic tile industry, the top six are Marco Polo, New Pearl, Dongpeng, Ossino, Nobel, and Mona Lisa.  5, on the Fujin base.Around 2008, the Foshan ceramics industry carried out environmental protection rectification. With the “Teng cage for birds” industry transfer strategy, as the undertaking and back garden for Foshan ceramics industry transfer, Tengxian began to provide ceramic raw materials for Foshan and began to develop the ceramics industry.With a planned area of 25,800 acres of land, it is estimated that 70 groups of 200 ceramic production lines will be constructed, and the annual output value will reach 30 billion yuan and the supporting output value will reach 10 billion yuan after all are put into operation.At present, there are 15 ceramics companies in Tengxian, and 9 ceramics companies that directly penetrate Foshan, including Mona Lisa Group, Osheno Ceramics, etc., accounting for 60% of the entire Tengxian ceramics industry., Accounting for 70%.Among them, Mona Lisa Group, Osheno Ceramics, and Jianyi Ceramics are branch production bases headquartered in Foshan.Almost 90% of “Tengxian Ceramics” products use the “Foshan Ceramics” brand.The main advantages of the Tengxian base that can undertake Foshan ceramics are the advantages of kaolin resources and transportation advantages: the raw material transportation distance of Tengxian is only 20-30 kilometers, which is about one tenth of that of Foshan and Qingyuan; and the reserve of kaolin in Tengxian is about6.700 million tons, can be used for 200 production lines for more than 150 years.  Second, the company’s scale: Focus on R & D and innovation. The Tengxian base helps the company to enter the top three and further guarantee the company’s high growth.1 The company is positioned in the high-end ceramic building and ceramic products market, and its R & D capabilities are expanded. The products are basically in demand.status.The company has always been at the forefront of the industry in product development and innovation. Each year in Qingyuan, the R & D and technology-related investment in the Foshan base is about 300 million yuan, reaching about 10%.As of the end of June 2019, Mona Lisa had a total of 658 patents, including 86 invention patents (夜来香体验网including 3 foreign invention patents), 67 utility model patents, and 505 appearance designs.Since 2010, Mona Lisa has participated in the ISO / TC189 international ceramic sheet (brick) standard formulation for eight consecutive years as a member of the editor-in-chief, and has gradually drafted the “Thin Ceramic Tile (Plate)” ISO / NP17888 standard on behalf of China, For China’s manufacturing leaders to speak in the international market.The company enhances the added value and benefits of its products through technological innovation and enhanced industrial design, because its products are basically in the state of funding substitution. In the first three quarters of 2019, the prices of certain types of products increased steadily.  2. The B-end will continue to exert force, and it is expected that the proportion of the B-end and the C-end will reach about 5: 5.The C-end is mainly a retail model, which mainly refers to distributors picking up goods directly from the company. The downstream includes government, engineering, and households. The B-end is mainly aimed at real estate developers, that is, the engineering model. At present, the company has signed up to nearly 60 real estate developers, includingVanke, Evergrande, Country Garden, Sunac, etc. In the first three quarters of 2019, the ratio of B-end to C-end has reached the scale of 4: 6.Seven lines along the Tengxian base will be put into production in 2020. Increasing the proportion of B-ends will be the focus of the company’s sales in the future.  3. The increase in the first three quarters was mainly due to the opening of new stores and delivery by the sinking channel.The company’s operating income for the first three quarters of 201926.RMB 760,000 (the company’s operating income was 22 in the first three quarters of 2018.7.9 billion), an increase of 17 in ten years.44%, and the company added more than 160 dealers this year, with a total of more than 900 dealers. The data are relatively matched, and the added dealers basically belong to the township areas where the channels sink to economically developed areas.In the future, the number of supplementary distributors of the company is expected to be no less than 200, and channel sinking is imperative.  4. The sales staff of the Fujin County base and the settlement model at the 2B end caused a deviation in the growth rate in the third quarter of a single quarter.Third quarter single quarter profit1.39 ppm, a 10-year increase3.31%, the growth rate compared with the second quarter of a single quarter, down 25.The 11 PCTs are basically: First, the sales staff has increased by nearly 20%, mainly to prepare for 7 of the 11 lines in the Tengxian base in 2020, and the second is the real estate developer’s confirmation model.The supplier currently uses the Quartet (supplier, demander, construction party, and supervisor) to confirm that the time is between 3-6 months and the accounting period is half a year to one year.  5. The original plan of the Tengxian base was to add 10 new production lines with a capacity of 72 million square meters, and then plan to add another production line with a total capacity of 88 million square meters. It is expected that all production will be reached by the end of 2021, when the company’s production capacity will reach 1.About 6 billion square meters, we expect to reach more than 6 billion U.S. dollars, will enter the top three in the industry in one fell swoop. With the increasing concentration of the industry and the leading brand effect, it will bring an inestimable effect on the company’s future development.  3. Investment suggestions and risk tips 1. Our thinking on the industry: The overall ceramic tile industry is in the stage of clearing and transformation. Whether R & D strength, brand awareness, and product update frequency can meet consumer demand is the key to an enterprise’s success.  The logic of “big industry and small company” is not a big problem at present, but referring to the development history of the decoration industry, from the perspective of considering the cost of expansion and the development of similar industries, we estimate that the 3-5% market share should be the industryThe ceiling of the business.  2. According to the market share of 3-5%, the industry is estimated to be about 400 billion in 2018, which is about 120-200 billion.According to this calculation, the company’s size is expected to be about 38 million in 2019, so we don’t think there will be any problems in the next 3-5 years of growth.  3. We estimate that the revenue in 2019, 2020 and 2021 will be 38.5.2 billion, 48.9.3 billion, 59.US $ 3.6 billion, an increase of 20%, 27%, and 21% in one year. The net profit attributable to the mother in the next three years will be 4.4.6 billion, 5.6.3 billion, 7.1.5 billion, with EPS of 1.11 yuan, 1.40 yuan, 1.78 yuan.For the first coverage, the company was given a buy rating with a target price of 21 yuan, corresponding to 15 times PE in 2020.  4. Risk reminder: The start-up progress of the Tengxian base is not expected, and it is a systematic risk.

Shanghai Pharmaceuticals (601607): R & D, expansion, growth, business network continue to improve

Shanghai Pharmaceuticals (601607): R & D, expansion, growth, business network continue to improve

Event: The company released its 18-year annual report and realized revenue of 15.91 million yuan, which increased by 21.

6%; net profit attributable to mother 38.

800 million, an increase of 10 in ten years.

2%; deducted non-attributed net profit 26.

5 ‰, a ten-year average of 6.


  Operating net cash flow 31.

40,000 yuan, an increase of 18 in ten years.


The EPS is 1.

37 yuan.

Performance was lower than expected.

  Opinion: The R & D expenses have increased significantly and the impairment of goodwill has resulted in the deduction of non-net profits instead of the company’s deduction of non-attributed net profits.

8%, including: 1) The largest R & D investment: the company’s 18-year total R & D expenditure 13.

89 trillion, of which cost 10.

610,000 yuan, an increase of 34% in ten years, has accounted for 5 of industrial sales revenue.


In terms of R & D funding structure, 18 of them.

7% went to research and development of innovative drugs, 33.

6% is invested in the secondary development of existing products, totaling 47.

7% is invested in generic drug R & D and consistency evaluation, which can basically ensure that the company has a reserve of innovative drug pipelines, and that the generic drug varieties have a trend of increasing.

We judge that under the background of accelerated R & D innovation and increased pressure on consistency assessment, in the future 2?
Three years is still the company’s key research and development area.

2) Impairment of goodwill: The company’s 18 years of goodwill impairment losses6.

32 ppm, only 0 in the same period of 17 years.

The main goodwill impairment of US $ 5.3 billion came from the acquisition of Vitaco, Xingquan Global and Taizhou Shangyao. The newly acquired Tianxing Puhua and Kantar China operated well.

Reducing outstanding R & D expenditures and accruing the impact of goodwill impairment, the company deducted the increase in non-net interest rate.

9%, basically in line with expectations.

  Industrial growth is fast. Consistency evaluation and innovation supplements help product structure upgrade. The company’s 18-year industrial revenue reached 19.5 billion U.S. dollars, equivalent to a 30% increase. Excluding the low-turn to high-open effect caused by the two-vote system, the actual growth was about 16%.And continue to maintain rapid growth.

The company’s gross profit margin is 57.

6%, an increase of 3 per year.

8pp, mainly contributed from low to high opening.

The company continued to promote the volume growth of key products by continuously building a marketing system and strengthening marketing professional management.

In terms of R & D and innovation, the company has passed the consistency assessment of four varieties in 18 years, and another 32 product specifications have completed the BE test and reported to the State Drug Administration.

In addition, the company borrowed and acquired in the United States to set up the Philadelphia Pharmaceutical Laboratory in the United States, launched the San Diego R & D Center in the United States, participated in the United States Oncternal Company, and established a joint venture in Shanghai Huiyong. At present, innovative high-end preparations, innovative biopharmaceuticals, and CAR-T therapy for cancerThe layout of innovative drugs such as micro-ecological R & D platforms replaces the supplementary evaluation of drug consistency. In the future, the company’s pipeline will be further enriched, and the product structure will increasingly be optimized towards cost-effective generic drugs and innovative drugs.

We expect the next 2?
3 years company’s industrial part revenue will remain 10?A solid growth of 15% and profitability remained stable.

  The rapid deployment of distribution, borrowing, and mergers and acquisitions has helped pharmaceutical companies achieve distribution revenues of US $ 139.4 billion in 18 years, with an annual increase of 20% and a gross profit margin of 6.

85%, a year to raise 0.

The rapid growth of distribution revenue is expected to be: 1) Mergers and Acquisitions of Kantar China: Complete the consolidation in February 18, and promote the company to become the country’s largest general agent and distributor of imported drugs, of which 20 CDE approved listing in the country have national distribution companiesAmong the imported new drugs, the company has obtained the national general agency rights for 15 varieties, including two major PD-1 new drugs, Opdivo and Keytruda.

18 years of imported drugs accounted for 55% of the company’s drug distribution revenue.

2) New mergers and acquisitions and improved network layout: Under the change of the two-vote policy in 18 years, the company has successively acquired 7 pharmaceutical circulation companies including Liaoning Pharmaceutical Foreign Trade and Shanghai Pharmaceutical Guizhou, which have quickly opened in blank markets such as Liaoning, Guizhou and Hainan.This situation has gradually continued to improve the company’s network layout in Guangdong, Jiangsu and Sichuan provinces.

With the continuous advancement of volume procurement, the distribution and distribution of generic drugs that passed the consistency assessment and the corresponding expired original drug varieties are under pressure from dual transfer of gross profit and revenue. The company’s strong import drug agency distribution advantage resists the short-term risks of the royal drug distribution business and maintainsThe company’s pharmaceutical distribution business grew steadily.

Expected the next 2?
The company’s distribution business revenue in 3 years will keep the industry average growth slightly higher (8?
Growth rate of 10%), with a slight decline in profitability (pure sales ratio is close to the upper limit, gross margin improvement space is small and pressure to reduce prices).

  The company’s 18-year retail revenue has reached 7.2 billion U.S. dollars, with an annual increase of 28% and a gross profit margin of 14.

84%, down by 1 every year.


The rapid growth of retail revenue mainly comes from the consolidation of DTP pharmacies owned by Kangdele and the rapid growth of Shanghai Medicine Cloud.

By the end of the year, the company had realized the distribution of 8.49 million electronic prescriptions nationwide, gradually connected to 340 medical institutions and served 3.6 million patients.

In addition to monopolizing the absolute leading advantage in the Shanghai community market, the company also reached cooperation agreements with Zhenjiang Municipal Government and the Affiliated Hospital of Jiangsu University to build “Yiyi · yun pharmacy” and “Yiyi · yun hospital” projects to help separate medicine.

Expected the next 2?
In 3 years, the company’s retail business income will maintain a rapid growth of more than 20% under the rapid expansion of DTP business, and its profitability will remain stable.

  R & D spending has increased, business networks have continued to improve, and a “Buy” rating has been maintained. Considering that the company ‘s associates ‘original research drug sales have been exacerbated by the“ 4 + 7 ”shock and the company will continue to expand its R & D scale, we cut the company 19?
The EPS for 20 years is 1.


57 yuan (was 1).


80 yuan), plus 21 years of EPS is 1.

70 yuan, the current price corresponds to 19?
The 21-year PE is 14/13/12 times.

The company’s R & D expenditure has grown rapidly, and its business network continues to improve. It can maintain a steady growth rhythm in the future and maintain a “buy” 四川耍耍网 rating.

  Risk warning: The progress of marketing reform gradually exceeds expectations, the progress of consistency evaluation exceeds expectations, and the performance of associates gradually exceeds expectations.

Depth-Company-New Beiyang (002376): Increase in the proportion of new business 8PCT expansion capacity will support higher growth

Depth * Company * New Beiyang (002376): Increase in new business share 8PCT Expansion capacity will support higher growth

On April 10, the company issued a performance announcement: revenue of 26 in 2018.

400 million, net profit attributed to mother 3.

8 billion, an annual increase of 41.

6% and 32.


The proportion of strategic new business in the three major industries continued to increase, traditional businesses effectively explored the international market, and the comparative advantage of the estimated scale was maintained under steady growth, maintaining a BUY rating.

  Key points of support level The continued increase in the proportion of new business has led to stable and better performance.

The company’s performance is in line with the expectations of the express report.

By industry: New business (finance / logistics / new retail) and traditional business revenues increased by 58 respectively.

7% and 6.

6%, the proportion of new business increased significantly 8.


By product: The revenue of key basic components / machines and system integration products / services increased by -5.

5% / 58.

2% / 44.

8%, the whole machine is basically in the form of products in emerging industries, and the gross profit margin increased by 1.

0pct, the gross margin of traditional business represented by parts and components by 2015 61.

9% continued to 54.


Driven by the dual enhancement of new business “quantity and quality”, the performance promoted stability and improvement.

  New business market expansion is strong enough to maintain long-term performance.

All three emerging industries are welcoming space expansion.

(1) Financial industry: the emergence of self-service equipment replacement caused by smart outlets. STM and TCR / UCR gradually moved from testing to implementation. The introduction of core module advantages will continue to lead the cash transformation and clearing machine business.The growth rate reached over 600 billion yuan.

8%, electronic ordering, and the penetration rate of express delivery cabinets are constantly increasing; (3) New retail self-service vending machine ownership has increased by nearly 62%, and the output value has reached 200 billion yuan.

The company increased the capacity of 南京夜网 smart devices by 40% to 350,000 units per year through fixed increase.

  Convertible bonds are progressing smoothly, and they are optimistic about expanding to a new level.

Due to the characteristics of the hardware equipment R & D and manufacturing industry, the operating cash flow in 2018 was 1.

7 billion down 60.


The company is preparing to issue 9.

3.7 billion convertible bonds, supplementing liquidity and continuing to expand the capacity of smart retail equipment, has been approved by the municipal SASAC.

If the fundraising is successful, the company’s new business capacity expansion is expected to reach a new level.

  Estimated for 2019?
Net profit in 2021 is 5.

75, 7.

01 and 8.

6.8 billion, EPS is 0.
86, 1.

05 and 1.
30 yuan (assuming that the convertible bonds expand smoothly after completion in 2无锡夜网019, 2019?
Increased by 9 in 2020.

32%, 8.

18%), corresponding to PE, 20, 16 and 13 times.

The company’s new business broke through smoothly, leading to continued good performance and stable traditional main business. It is estimated that it has a comparative advantage in the sector and maintains a Buy rating.

  The main risks faced by ratings are that new industry demand is less than expected; convertible bonds are not progressing as expected.

Guizhou Moutai and other 10 white horse stocks hit a record high

Guizhou Moutai and other 10 white horse stocks hit a record high
Guizhou Moutai and other 10 white horse stocks hit a record high. More than 10 institutions recommended 4 potential stocks. On Monday, the Shanghai and Shenzhen stock indexes showed a shocking consolidation trend. The Shanghai stock index dragged around 3,000 points and delayed closing.2% to close at 3008.At 15 o’clock, the SZSE Component Index and GEM Index each fell 0.02% and 0.61%.  It is worth noting that on Monday, 10 white horse stocks hit an all-time high in the intraday market (excluding the new shares listed since May).Guizhou Moutai, the No. 1 high-priced stock in the two cities, peaked to 999.69 yuan, just one step away from the thousand yuan mark, the stock rose 1 on the day.11%, and finally closed at 987.1 Yuan.  Obviously, in addition to Guizhou Moutai, 8 stocks including Shandong Medicine Glass, Hualin Securities, Zhonggong Education, Chenguang Stationery, Changchun High-tech, Wuliangye, Tongce Medical, Zhongshun Jierou also showed varying degrees of increase on Monday.Steel Tianyuan’s sustainable price surged and fell, and the stock fell by 4.04%.Among them, Changchun High-tech, Chenguang Stationery, Zhonggong Education and other three strong stocks were favored by large single funds on the same day, which were 1602.410,000 yuan, 1281.300,000 yuan, 532.630,000 yuan.  It is not difficult to find that outstanding performance has become the commonality of the record high stocks mentioned above.Analysts point out that the stock index has continued to fluctuate and consolidate recently, and the market style has accelerated to switch. The current investment logic should still be closely linked to performance and leading logic. High-performance and sustainable companies promote strong Hengqiang, undervalued in the future and have performance supportThe individual stocks will still be the protagonists of the market.  Further statistics found that among the above 10 strong stocks, in addition to the decline in the compound growth of the net profit attributable to shareholders of the parent company of Hualin Securities in the past three years, Zhonggong Education (324.26%), Sinosteel Tianyuan (95.34%), Zhongshun Jierou (66.49%), Tongce Medical (38.72%), Changchun High-tech (37.82%), Shandong Medicine Glass (35.06%), Guizhou Moutai (31.44%), Wuliangye (29.41%) and Chenguang Stationery (24.05%) and other 9 stocks in the past three years, the net profit attributable to shareholders of the parent company’s compound growth rate has reached more than 20%, demonstrating high growth.  The outstanding performance of strong stocks has once again attracted market attention. According to statistics from the Flushing Statistics, a reporter from the Securities Daily found that 8 of the above 10 stocks have received optimistic ratings such as “buy” or “overweight” from institutions. Among them, ChangchunHigh-tech (15 companies), Guizhou Maotai (11 companies), Zhongshun Jierou (10 companies) and Wuliangye (10 companies) and other four stocks have recently been optimistic that the number of graded homes is above 10.  Although the above-mentioned stocks that are generally optimistic by the institutions have reached historical highs, the latest closing prices of some stocks still have room to increase from the target prices of the institutions. Among them, Guizhou Maotai, Wuliangye, Zhongshun Jierou, Changchun High-tech and other 4 stocks have the latest closing pricesThe average increase from the target price predicted by the agency is more than 10%, which is 21 respectively.03%, 17.81%, 12.92%, 12.18%.  Guizhou Moutai’s 2018 annual equity distribution equity registration date is June 27, 2019, and the company’s cash and cash dividends14.539 yuan, the total cash dividend will exceed 18.2 billion yuan.Data show that since the listing of Guizhou Moutai for 19 consecutive years, cash dividends have gradually increased to 7572995.540 thousand yuan, calculated according to the ex-rights and ex-dividend dates, the annual average yield is about 1.44%.Since the end of April this year, Pacific Securities, Northeast Securities, Guotai Junan, Huachuang Securities, Dongxing Securities, Guoxin Securities, Huatai Securities, GF Securities, CITIC Construction Investment, Qunyi Securities, Oriental Securities, China Merchants Securities and other alternative brokers have raised Moutai, GuizhouTarget price.Among them, Guotai Junan, Huachuang Securities, Huatai Securities, CITIC Construction Investment, and China Merchants Securities have a target price of more than 1,100 yuan.  It 天津夜网 should be noted that even if the investment opportunities of A-shares have increased since each year, analysts said that we still need to grasp the rhythm and insist on rational investment, especially to avoid blindly chasing gains.

Xianda shares (603086): The net profit attributable to mothers increased year by year in the first half of the year3.

25% of main product prices remain high

Xianda shares (603086): The net profit attributable to mothers increased year by year in the first half of the year3.

25% of main product prices remain high

Revenue in the first half of 南宁桑拿 the decade increased by ten years.

61%, net profit attributable to mothers increases by 3 per year.


In the first half of 2019, the company realized total operating income8.

58 ppm, a ten-year increase2.

61%, net profit attributable to mother is 1.

27 ppm, a 10-year increase3.


Single quarter revenue in the second quarter 4.

97 ppm, five-year average of 5.

1%, 8649 net profit attributable to mother.

80,000 yuan, a ten-year average of 8.

twenty three%.

Gross profit margin in the first half of the year was 34.

48%, rising by 0 every year.

77 budgets with a management expense ratio of 9.

08%, rising by 1 every year.

The total of 41 is mainly due to the increase in environmental protection expenses, with a sales expense ratio of 2.

67%, a decrease of 0 per year.

18 units.

Accelerate 武汉夜网论坛 overseas independent registration, and self-operated export revenues have grown significantly.

Foreign markets are an important source of company’s operating income. In 2018, foreign market revenues accounted for 66% of total revenue.


The company’s foreign sales model is divided into two modes: self-operated export and indirect export.

In the first half of 2019, the company accelerated the pace of exploring domestic and foreign markets, promoted the registration of overseas products and expanded the scope of overseas market development.

From January to June 2019, the company’s self-operated exports made significant achievements, achieving US $ 76.97 million in exports, an increase of 39 from the same period last year.


Maintenance affects the sales of some products.

In the first half of 2019, the company performed turn-over inspections on some workshops to ensure the safe operation of the equipment. At present, the overhaul work has been successfully completed, and the workshops have gradually entered full-load production.

The income of clomazone was in the first half of the year.

38 ppm, with a ten-year average of 23.


From the perspective of production and sales in the first half of the year, clomazone sales in the first half of the year were 1,379.

5 tons, up to about 27% before, production and sales of other products have remained stable.

The prices of main products increased steadily.

Dimethozone Revenue in the First Half of the Year3.34 ppm, a ten-year increase of 7.

9%, average price increased by 13 in ten years.

79%; allylmorpholine income 83.19 million yuan, an annual increase of 68.

8%, the average price increased by 60 in ten years.


According to Zhongnong Lihua’s original drug data, the current latest price of clethodim is 180,000 yuan / ton, which is an increase of 0 from the average price in the first half of the year.

54%; latest price of clomazone 8.

30,000 yuan / ton, up 2 from the average price in the first half of the year.

32%, the latest price of allylmorpholine is 16 million tons / ton, and the price drops by 1.


New projects in Liaoning are progressing steadily.

The first phase of the company’s Liaoning project plans to build an annual output of 6,000 tons of original drugs and 10,000 tons of preparations. As of June 30, 2019, the construction of the new project has been progressing according to the original planned construction progress. The raised funds have been fully invested and the main project and equipment installation of the project have been completed.Completed all completed, currently entering the installation phase of auxiliary facilities.

We believe that the company is expected to achieve a trial production of 6000 tons of original drug projects before the end of the year, and the new production capacity will replace the contribution of 2020.

Profit forecast and investment rating.

We expect the company’s net profit to be 2 in 2019-2021.

7.3 billion, 3.

4.5 billion, 4.

40,000 yuan, corresponding to 2 EPS.

44 yuan, 3.

08 yuan and 3.

61 yuan, giving the company 12-15 times PE in 2019, corresponding to a reasonable value range of 29.


60 yuan, given the market rating.

Risk reminders: The project is not in production as expected; risks of exchange rate changes; safety and environmental protection risks.

Inner Mongolia First Machine (600967): 2018 Annual Results Steady and Pre-income Increase Significantly Shows Full Orders

Inner Mongolia First Machine (600967): 2018 Annual Results Steady and Pre-income Increase Significantly Shows Full Orders

Investment Highlights Events The company released its 2018 annual report and 2019 quarterly report. In 2018, the company realized revenue of USD 12.3 billion, +2 per year.

5%, net profit attributable to mother 5.

34 trillion, +1 a year.

67%, 2019Q1 now earns 16.

74 trillion, ten years +9.

03%, net profit attributable to mother 1.

3西安耍耍网7 trillion, +126 a year.


  The performance in 2018 was stable, and interest income led to a substantial increase in profit in the first quarter of 2019.In 2018, the company realized revenue of USD 12.3 billion, of which +2.

5%, net profit attributable to mother 5.

34 trillion, +1 a year.

67%, net cash flow from operating activities16.

30,000 yuan.

Among them, the Northern Vehicle Startup, a subsidiary of the railway vehicle business, realized revenue11.

70,000 yuan, net profit 30 million yuan.

In 2018, the company’s sales, management (including research and development), and financial expense ratios were 0.

46%, 6.

76%, -1.

34% are -0 each year.

02 points, -0.

8 points, -0.

55 points.

  2019Q1 company achieved revenue 16.

74 trillion, ten years +9.

03%, net profit attributable to mother 1.

37 trillion, +126 a year.

96%, net cash flow from operating activities8.

3.3 billion.

The substantial increase in net profit attributable to mothers was due to income, while investment income increased with additional expenditures while reducing asset impairment losses: 2019Q1 financial expenses of -95.42 million yuan, investment income of 17.59 million yuan, and asset impairment losses of 50Ten thousand yuan, 12.99 million yuan in the same period last year.

  Overall, the company’s main business operations were stable in 2018 and 2019Q1.

  Advance receipts, inventories, and advance payments increased at the same time, reflecting strong product demand. The company’s operating net cash flow in the first quarter of 2018 and 2019 were 16 respectively.

30,000 yuan, 8.

US $ 3.3 billion, far more than net profit, due to the continued growth of advance receipts.The company’s advance receipt budget for the company’s accounts in 2018 and the first quarter of 2019 were US $ 5.9 billion and US $ 7 billion, an increase from the US $ 3.3 billion at the end of 2017.Inventories and prepayment budgets also increased significantly. In 2017, 2018, and 2019Q1, inventories were 16 ‰, 21 ‰, and 22 ‰, and prepayments were 11 ‰, 17 ‰, and 18 ‰.

The company’s budget in advance, inventory and prepayment increased at the same time, reflecting strong product demand, the company is also actively stocking to meet demand.

  Earnings forecast and investment rating: We predict that the company’s net profit attributable to its parent in 2019-2021 will be 5.

9.4 billion, 6.

5.8 billion, 7.

3.3 billion yuan, corresponding to PE is 31 times, 28 times, 25 times.We believe that the company, as a leading domestic marine equipment company, has good asset scale and good business growth, and maintains a “Buy” rating.

  Risk reminder: The company’s military product delivery progress is less than expected; the railway vehicle industry is less than expected.